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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Friday, November 27, 2020, Vol. 21, No. 238

                           Headlines



A R G E N T I N A

ARGENTINA: IMF Starts Delineating Contours of Program for Aid
CORDOBA MUNICIPALITY: Moody's Affirms 'Ca' Sr. Unsec. Debt Rating


B E L I Z E

BELIZE: Moody's Cuts Sr. Unsec. Debt Rating to Caa3; Outlook Stable


B E R M U D A

SAGICOR FINANCIAL: S&P Raises ICR to 'BB+', Outlook Stable


B R A Z I L

MINERVA SA: Moody's Upgrades CFR to Ba3; Alters Outlook to Stable


C H I L E

AUTOMOTORES GILDEMEISTER: Fitch Affirms CC LT IDRs


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Gov't. to Implement Eco Policies


M E X I C O

DER NEUE: Fitch Affirms B International IFS Rating, Outlook Stable


N I C A R A G U A

NICARAGUA: 2 Hurricanes Bring Material Losses, Low Morale


P U E R T O   R I C O

J.J.W. METAL: Case Summary & 8 Largest Unsecured Creditors


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: New Pricing on Imported Items on Hold


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Arrests Oil Workers to Cover Up Bad Press

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A R G E N T I N A
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ARGENTINA: IMF Starts Delineating Contours of Program for Aid
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An International Monetary Fund (IMF) team, led by Julie Kozack,
Deputy Director of the Western Hemisphere Department, and Luis
Cubeddu, mission chief for Argentina, visited Buenos Aires from
November 10 to 20, 2020 to begin formal discussions with the
Argentine authorities regarding a new IMF-supported program to
underpin their economic plans. At the conclusion of the mission,
Ms. Kozack and Mr. Cubeddu issued the following statement:

"The IMF staff team and Argentine authorities [1] started
delineating the contours of an IMF-supported program that could
back the government's plans to address the country's deep economic
and social challenges, which have been aggravated by the COVID-19
pandemic.

"The team welcomed the authorities' intention to request an
Extended Fund Facility (EFF) arrangement, and to underpin it with a
broad political and social consensus. Good progress has been made
in defining the initial elements of such a program, and further
discussions are expected to continue virtually between the teams
over the coming weeks. There was shared view that tackling
Argentina's near and medium-term challenges will require a
carefully balanced set of policies that fosters stability, restores
confidence, protects Argentina's most vulnerable, and sets the
basis for sustainable and inclusive growth.

"The team would like to thank the authorities for their support
during our visit, and looks forward to our continued productive
engagement in the period ahead."

                      About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.

Historically, however, its economic performance has been very
uneven, with high economic growth alternating with severe
recessions, income maldistribution and in the recent decades,
increasing poverty.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.

Fitch's credit rating for Argentina was last reported at CCC with
n/a outlook, a rating upgrade from CC on Sept. 11, 2020.  DBRS'
credit rating for Argentina is CCC with n/a outlook, a rating
upgrade on Sept. 11, 2020.  Moody's credit rating for Argentina was
last set at Ca, a rating downgrade from Caa2 on April 4, 2020, with
a negative outlook.

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement.  Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.

CORDOBA MUNICIPALITY: Moody's Affirms 'Ca' Sr. Unsec. Debt Rating
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Moody's Investors Service affirmed the Ca issuer and senior
unsecured debt ratings of the Municipality of Cordoba. The baseline
credit assessment is affirmed at ca, the same as the issuer rating.
At the same time, the outlook has been changed to stable from
negative.

RATINGS RATIONALE

The affirmation of the ca/Ca baseline credit assessment and issuer
and debt ratings, respectively, acknowledges the very close
economic and financial linkages that exist between Argentina´s
sovereign and sub-sovereign governments. Moody's notes that
Argentina faces a series of macroeconomic challenges that include a
weak economy now in its third year of recession, persistently high
inflation bolstered by central bank funding of fiscal deficits, and
heightened pressures on the exchange rate and international
reserves. In Moody's opinion, until the fundamental macroeconomic
problems that continue to weigh on the sovereign credit profile are
addressed, capital market access will remain limited for the
Argentine sub-sovereign governments leading to the elevated credit
risks of the Municipality of Cordoba.

On November 18, the municipality announced that it had settled the
modification of the terms of its notes due 2024. The agreement
reached with bondholders entails a maturity extension to 2027 and a
change in the coupon rate from a fixed 7.875% to a step-up schedule
that starts at 2.125% in September 2021 and rises to 7% by
September 2023. In Moody's view, the risk of future debt
restructuring remains high because of restricted market access and
a challenging operating environment.

The outlook change to stable from negative incorporates Moody's
expectation that, given the changes in the municipality's debt
structure, bondholders will not face losses exceeding a range of
35- 65%. The stable outlook captures Moody's expectation that
economic and financial pressure faced by the municipality will not
differ materially over the next 12-18 months and therefore lead to
fiscal pressure consistent with recent results.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Given the strong macroeconomic and financial linkages between
Argentine Sub-sovereigns and the Government of Argentina, which
currently carries a stable outlook, Moody's does not expect upward
pressures in the near to medium term for the Municipality of
Cordoba. Nevertheless, Moody's would consider an upgrade if
financing conditions stabilize and the anticipated losses to
private creditors in future debt restructurings are less than
currently forecast.

Alternatively, a downgrade in Argentina's bond ratings and/or
further systemic deterioration could exert downward pressure on the
ratings. Increased idiosyncratic risks could also translate into a
downgrade. Moody's would also downgrade the ratings in the event a
debt restructuring results in losses greater than those reflected
in the current ratings.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2018



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B E L I Z E
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BELIZE: Moody's Cuts Sr. Unsec. Debt Rating to Caa3; Outlook Stable
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Moody's Investors Service downgraded the long-term foreign-currency
and local-currency issuer ratings and the foreign-currency senior
unsecured debt rating of the Government of Belize to Caa3 from Caa1
and changed the outlook to stable from negative.

Moody's decision to downgrade Belize's ratings reflects the
structural deterioration in government finances that is likely to
push debt ratios to very high levels of over 130% of GDP, and the
continued liquidity pressures the sovereign is facing due to its
constrained financing options. There is a very high probability of
a missed interest payment or a distressed exchange on Belize's
market debt as a result of very weak economic activity and the
uncertainty surrounding a recovery of the tourism sector for
Belize. In Moody's opinion, the sovereign's liquidity and funding
position will remain strained to such an extent that the government
formed following the November 2020 general election is likely to
seek liquidity relief that will lead to renewed losses for
investors.

The stable outlook on the Caa3 rating reflects a materially lower
risk that future losses will exceed those implicitly incorporated
in a Caa3 rating, balancing the risk that a full restructuring of
external market debt that leads to extensive losses as a result of
a substantial haircut on principal is mitigated in part by a
favorable maturity profile and that, should a full restructuring be
avoided, losses from a renewed deferral of interest payments would
be moderate.

Belize's long-term foreign-currency bond ceiling was changed to
Caa1 from B2 and the foreign-currency deposit ceiling changed to
Caa3 from Caa2. The short-term foreign-currency bond ceiling and
the short-term foreign-currency bank deposit ceilings remain
unchanged at Not Prime (NP). The local-currency bond and deposit
ceilings were changed to B3 from B2.

RATINGS RATIONALE

RATIONALE FOR THE DOWNGRADE TO Caa3

The recent interest payment deferral on Belize's sole external
market bond, implemented following an agreement with bondholders in
August 2020 that Moody's considered a distressed exchange, provided
short-term liquidity relief. Interest payments due from August 2020
to May 2021 on Belize's 2034 bond were deferred and capitalized
providing $27 million (1.7% of 2020 GDP) in payment relief. The
liquidity relief avoided a broader restructuring of the bond, but
did not address solvency concerns that will be exacerbated as
Moody's forecasts that government debt levels will exceed 130% of
GDP by the end of 2020. The economic shock will continue to exert
substantial pressure on government finances, such that the
government's liquidity position will remain under significant
pressure by the time interest payments on the external bond resume
next year. As such, Moody's believes that the risk of renewed
losses to bondholders has increased substantially.

Moody's estimates that Belize's real GDP will contract 14% in 2020.
In the first half of the year, preliminary GDP figures show a
year-on-year contraction of 15% as a result of the coronavirus
pandemic, which has greatly affected economic activity via a
government-mandated lockdown that began in early March and affected
both domestic economic activity and tourism flows. The tourism
sector has been particularly hard hit. Arrivals in January-August
2020 were 66% lower than those registered in January-August 2019.
Moody's expects an economic rebound of 8.1% in 2021 driven entirely
by a favorable base effect. Output levels will remain below 2019
through at least 2024, suggesting the recovery of government
revenues will be tenuous, such that fulfilling 2021 financing needs
will be a severe challenge.

The economic shock and the decrease in tourism receipts will cause
the widest fiscal deficit on record for Belize at around 15.9% of
GDP that is likely to narrow marginally to 11.3% in 2021. This is
likely to push public debt ratios above 130% of GDP in 2020, and
Moody's estimates that Belize's government financing needs for 2020
and 2021 will be 19.3% and 14.7% of GDP, respectively. Fulfilling
these large financing needs remains a major challenge. The
government has petitioned multilateral development banks and
official international institutions for financial support, but the
sovereign has also needed to rely on financing from the central
bank. Although this has temporarily contained excessive liquidity
pressures through August 2020, continued reliance on central bank
financing suggests that liquidity pressures will persist through
2021.

Based on the severe shock and the substantial tightening of the
government's liquidity position, Moody's believes that there is a
very high probability of a renewed deferral on interest payments or
a distressed exchange on Belize's market debt in the coming years.
A potential deferral of interest payments, depending of the
modalities, would compound losses to investors from the earlier
interest payment deferral. The new government formed following the
November 11, 2020 election could seek to reduce government debt to
more sustainable levels through a restructuring of Belize's public
debt. The losses to private creditors that could stem from these
actions are likely to be commensurate with a Caa3 rating, according
to the rating agency.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook on the Caa3 rating reflects a materially lower
risk that future losses will exceed those implicitly incorporated
in a Caa3 rating, balancing the risk that a full restructuring of
external market debt that leads to extensive losses as a result of
a substantial haircut on principal is mitigated in part by a
favorable maturity profile and that, should a full restructuring be
avoided, losses from a renewed deferral of interest payments would
be moderate.

ENVIRONMENTAL SOCIAL AND GOVERNANCE CONSIDERATIONS

Environmental considerations are a key concern for Belize, as the
country's infrastructure gap, low lying areas near the coast, and
location make it vulnerable to climate events like hurricanes and
tropical storms that have had negative economic and fiscal
implications for Belize's credit profile.

Social considerations are somewhat of a concern for Belize. An
onerous pension scheme with a retirement age of 55 is weighing on
public finances. However, the dependency ratios are low and are
expected to remain low relative to other countries in Central
America and the Caribbean. Moody's also regards the coronavirus
outbreak to be a social risk under its ESG framework given the
substantial implications for public health and safety.

Moody's considers governance risks to be a constraint to Belize's
credit profile. This assessment incorporates what Moody's perceives
as core institutional deficiencies in Belize, including an evolving
set of economic policymaking tools, limited capacity for effective
policy implementation, and importantly, multiple defaults on market
debt with four distressed exchanges in the past 15 years.

GDP per capita (PPP basis, US$): 6,819 (2019 Actual) (also known as
Per Capita Income)

Real GDP growth (% change): 0.3% (2019 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 0.2% (2019 Actual)

Gen. Gov. Financial Balance/GDP: -4.7% (2019 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -9.4% (2019 Actual) (also known as
External Balance)

External debt/GDP: 74.1%

Economic resiliency: b3

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

On November 20, 2020, a rating committee was called to discuss the
rating of the Belize, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have materially decreased. The issuer's
fiscal or financial strength, including its debt profile, has
materially decreased.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Evidence of a substantial amount of multilateral financing flows at
highly affordable rates that eases liquidity pressures on
government and external finances over the medium term could support
a higher rating. Upward pressure on the rating could come over time
from the adoption of extensive structural reforms that enhance
productivity, boost competitiveness and attract sizable investment
to significantly increase potential growth and improve the
sustainability of external finances.

The rating could be downgraded if Moody's were to conclude that
losses to investors from a possible suspension of payments on debt,
or from a restructuring of the sovereign's debt, would not be
consistent with a Caa3 rating. A further accumulation of government
debt as a result of an inability to curb the sovereign's large
fiscal deficit could further exacerbate solvency concerns and
increase the risk of larger losses to bondholders and would likely
lead to a lower rating.

The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019.



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SAGICOR FINANCIAL: S&P Raises ICR to 'BB+', Outlook Stable
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On Nov. 25, 2020, S&P Global Ratings raised its issuer credit
ratings on Bermuda-based NOHC, Sagicor Financial Co. Ltd. (SFC) and
on its Cayman Islands-based financing vehicle, Sagicor Finance
(2015) Ltd. (SF15) to 'BB+' from 'BB'. The issuer credit ratings
have a stable outlook. S&P also raised its issue-level rating on
SF15's $320 million seven-year senior unsecured notes due 2022 to
'BB+' from 'BB'.

Sagicor has concluded the business combination transaction
agreement with Alignvest Acquisition II Corp., a special purpose
acquisition company (SPAC) that raised capital in the Canadian
markets. As a result, Sagicor's shareholders base is now partially
composed of several international institutional investors. The
resulting entity is now named Sagicor Financial Company Ltd. (SFC),
and its shares are listed on The Toronto Stock Exchange. Following
the close of the transaction, the Sagicor group obtained over $450
million of net cash and is now strongly capitalized. Sagicor is
using part of the capital injection to fund growth initiatives in
the U.S. and the Caribbean. For example, the group has agreed to
acquire the insurance portfolios of both Colonial Life Insurance
Co. (Trinidad) Ltd. (CLICO) and British American Insurance Co.
(Trinidad) Ltd. (BAT); the transaction is still pending regulatory
approvals. Separately, Sagicor and the Bank of Nova Scotia (BNS)
mutually agreed not to proceed with the acquisition of Scotiabank's
life insurance operations in Jamaica and Trinidad and Tobago
(T&T).




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MINERVA SA: Moody's Upgrades CFR to Ba3; Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service upgraded Minerva S.A. (Minerva)'s
corporate family rating CRF) to Ba3 from B1 and changed the outlook
to stable from positive.

Rating actions are as follows:

Issuer: Minerva S.A.

Corporate Family Rating: upgraded to Ba3 from B1

Outlook actions:

Issuer: Minerva S.A.

Outlook changed to stable from positive

RATINGS RATIONALE

The upgrade to Ba3 reflects the improvement of Minerva's cash
flows, very good liquidity and focus on net leverage reduction. The
action also incorporates the favorable scenario for South American
beef processors, supported by strong demand and limited supply,
which will continue to support free cash flow generation. With
proceeds from capital increases and issuances in the domestic
market, the company also amortized debt and implemented liability
management strategies to further extend debt maturities and reduce
financial costs, an additional credit positive.

Minerva's Ba3 rating mainly considers the company's comfortable
liquidity profile, experienced management team, significant share
in the Latin American beef industry (18% market share) and
geographic footprint of exports, and track record of stable
operating margins. Minerva's geographic diversification in South
America, with production facilities in five countries, places the
company in a good position to benefit from access to different
markets worldwide, and mitigates the risks of restrictive trade or
sanitary barriers involving specific governments or production
regions. Accordingly, Minerva is the leading beef exporter in
Argentina, Paraguay, Colombia, and second biggest beef exporter in
Brazil and Uruguay.

Offsetting some of these positive attributes is Minerva's sales
focus on beef and beef-related products, which increases its
exposure to the volatility of the beef markets. However, this
concentration strategy, along with efficient cattle sourcing and
pricing, has been benefitting the company from a cost standpoint,
leading to average higher operating margins than industry peers.
The company's persistently high leverage, measured by Moody's
adjusted gross debt/EBITDA, has been a major constraint to its
rating over the past few years. Accordingly, Minerva's gross
leverage is at 5.6x in the twelve months ended September 2020 and
has been consistently around 6x-6.5x since 2015.

Protein producers in Brazil face increasing scrutiny of major
stakeholders related to cattle raising linked to deforestation of
the Amazon and other biomes in the country, wildfires and illegal
labor. This heightens the risk of boycotts (from investors, banks
and consumers) and higher costs associated to stricter requirements
and initiatives related to cattle traceability, as well as higher
funding costs associated to those risks.

Minerva has implemented certain criteria to ensure that the ranch
and supplier partners are not related to illegal work condition or
agrarian conflicts, embargoed areas, conservation units and
environmentally protective areas, indigenous lands and
deforestation in the Amazon and in the Chaco biomes. Minerva's
origination monitoring system checks all the cattle purchased by
the company in Brazil using official lists and geospatial data
generated by INPE (National Institute for Spatial Research) and
checking their environmental compliance. Minerva has started to use
a tool called VISIPEC to monitor indirect suppliers in the Amazon.
The company aims at expanding the sample areas for testing using
this tool. The ability to implement a comprehensive plan for cattle
traceability will be an important consideration for Minerva's
future credit profile.

The stable outlook reflects its expectation that Minerva will be
able to continue to generate positive free cash and maintain steady
margins, while maintaining adequate liquidity for its operations
and debt-service requirements. Moody's expects Minerva to manage
dividend distribution in a prudent manner, avoiding compromising
its liquidity.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

An upgrade of Minerva's rating would require the company to reduce
absolute debt levels and show and a show a material reduction in
its gross leverage towards levels of 3.5x and improve its interest
coverage, measured by EBITA/interest expenses, to 4.5x or above. An
upgrade would also require good operating performance resulting in
a CFO/debt ratio sustained at 20% or above. The ability to maintain
a comfortable cash balance to cover its cattle purchase needs and
debt service requirements, as well as positive free cash flow
generation, are required conditions for an upgrade. All metrics are
calculated considering the company's Moody's-adjusted metrics.

The rating or outlook could suffer negative pressure should
liquidity risk increase, or if Minerva's operations deteriorate,
weakening cash flows as such CFO/debt remains below 15% on a
sustained basis and the company is no longer able to deliver
positive free cash flows. A negative action could be prompted by an
increase in current leverage or by a material reduction in current
cash position not driven by a reduction if gross debt levels, while
EBITA/interest expense stays below 3x. All metrics are calculated
considering Moody's adjusted metrics.

The principal methodology used in this rating was Protein and
Agriculture published in May 2019.

Headquartered in Barretos, Sao Paulo, Minerva S.A. (Minerva) is one
of Brazil's leaders in the production and sale of fresh beef,
industrialized products and live cattle. With 25 slaughtering
plants in South America and a slaughtering capacity of 26,180 heads
per day, Minerva is the second-largest exporter of beef/beef
products in Brazil and Uruguay, and the largest in Argentina,
Colombia and Paraguay, with relevant presence in South America and
plants located in Brazil, Paraguay, Argentina, Uruguay and
Colombia. Minerva posted net revenue of BRL18.6 billion ($3.7
billion) for the 12 months ended September 2020.



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AUTOMOTORES GILDEMEISTER: Fitch Affirms CC LT IDRs
--------------------------------------------------
Fitch Ratings has affirmed Automotores Gildemeister S.p.A.'s (AG)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'CC'. In addition, Fitch has affirmed AG's USD510 million senior
secured notes at 'C'/'RR5', which reflects poor recovery prospects
in case of a default.

The ratings affirmation reflects AG's continued limited financial
flexibility post debt exchange completion executed during 4Q19. The
rating affirmation also considers AG's increasing refinancing risk,
as the company faces important principal payments during the first
half of 2021. In addition, the ratings consider the challenging
business environment the company currently faces in its main
markets of Chile and Peru, and declining trend in unit sales in
both markets. National lockdowns and social distancing measures
implemented by the authorities in Chile and Peru, has depressed the
sales of units during 2Q20 and 3Q20. The number of units sold is
expected to decline to approximately 30% in 2020, versus 2019. In
addition, AG's EBIT is expected to be negative in 2020. AG's
liquidity is pressured by the latter and debt service
requirements.

KEY RATING DRIVERS

High Credit Risk: AG's 'CC' rating reflects its continued high
leverage and weak liquidity profile, despite debt restructuring
completed during 4Q19. The company is facing a sharp decline in the
sales of units in 2020 due to the pandemic. The company will need
to grow EBITDA and successfully execute its asset disposal plan to
improve financial flexibility during 2021. The ratings incorporate
the expectation of the challenging business environment to continue
in AG's main markets of Chile and Peru during 2020-2021. In recent
years, the industry exhibited aggressive and opportunistic behavior
by new entrants, with historical top players losing market share in
these markets due to a lack of major barriers to entry.

Pandemic Impact; Sharp Decline in Sales: AG sold 57,324 units in
2019, a 14% decline from 2018 levels. By 2020, Fitch expects a drop
in the number of units sold of approximately 30%. The level of
sales in 2Q20 was the lowest point, with certain signs of recovery
in the second half of the year. Due to declining sales, Fitch
expects AG to exhibit negative EBIT margins in 2020. Fitch
incorporates in its base case that the company would achieve some
recovery in its sales level in 2021, but at a level still below
2019.

Increasing Short Term Debt: AG's capital structure consists of
secured bank loans and bonds. AG's total debt on-balance sheet was
USD662 million as of June 30, 2020. The USD510 million new senior
secured notes mature on Dec. 2025, with the following scheduled
amortization: USD60 million in May 2021; USD35 million in December
2022; USD35 million in December 2023; and USD380 million in
December 2025. The notes are secured by priority liens on real
estate properties with a value of USD138 million. AG's total debt
also includes USD120 million of short-term secured bank debt -
mostly related to working capital needs; USD22.7 million of
unsecured notes due in May 2021; and USD9.6 million of unsecured
notes due also in May 2021. Excluding its short term secured bank
debt, AG is facing debt principal payments of approximately USD90
million during the first half of 2021.

Limited Capacity to Cover Interest Expenses: Fitch views the
company's liquidity as poor based on its low cash position and
limited capacity to cover interest payments. Despite recent debt
exchange completion, AG's capacity to cover interest expenses with
its cash flow from operations is viewed as tight, adding pressure
to the company's liquidity during 2020-2021. Fitch expects the
company's interest coverage ratio will be around 0.4x during the
2020-2021 period, and a year-end cash position of around USD30
million.

AG has an ESG Relevance Score of '5' for Management Strategy due to
its track record of recurring operational and debt restructuring
processes during the past years, due to challenges the company has
faced in implementing its strategy and maintaining competitive
positions within its key markets. AG's below-average execution of
its strategy has contributed to a materially weaker operational
performance and unsustainable capital structure.

AG also has an ESG Relevance Score of '5' for Group Structure due
to the strong influence on AG's owners on its management, which has
resulted in decisions related to the company's operational and
financial strategies that have been made to the detriment of its
creditors. Both the ESG Relevance Score of '5' for Management
Strategy and Governance Structure have resulted in the company
entering into a debt restructuring process for a second time during
the last five years.

DERIVATION SUMMARY

AG completed a debt exchange offer for its secured notes during
4Q19. This was the second debt exchange offer completed by the
company during the last five years. AG's ratings are primarily
driven by the company's high leverage, negative FCF generation and
tight financial flexibility. AG benefits from its exclusive
agreement to distribute Hyundai cars in Peru and Chile. The ratings
factor in AG's high business risk. The automotive retail industry
is sensitive to adverse economic conditions and to the volatility
of consumer demand, which is influenced by consumer confidence,
discretionary spending, interest rates, credit availability and FX
currency rates. AG also faces intense competition from other car
manufacturers and distributors.

Fitch does not have direct rated peers for the company. AG's
closest peers in other sectors include Brazilian fleet and car
rental industry leaders, Localiza Rent a Car S.A. (BB/Negative) and
JSL S.A (BB-/Stable), which is considered to have less volatile
industry risk. Both companies enjoy higher profitability and scale
than AG. No country ceiling, parent/subsidiary or operating
environment aspects have an impact on AG's IDR.

KEY ASSUMPTIONS

  -- Revenues decline by 30% in 2020;

  -- Negative EBITDA in 2020;

  -- Some combination of assets sales and debt refinancing in
2021;

  -- 2021 units sales at levels of around 90% of 2019 levels.

KEY RECOVERY RATING ASSUMPTIONS

Fitch believes that a debt restructuring would likely occur in a
distressed scenario where the company experiences weak levels of
demand for automobiles and consumer discretionary spending,
alongside intense price competition. Fitch has performed a
going-concern recovery analysis for AG based on the assumption that
the company would be reorganized rather than liquidated. Key
going-concern assumptions include the following:

  -- AG would have a going-concern EBITDA of about USD16 million.
The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which Fitch
bases the valuation of the company.

  -- A distressed multiple of 5.7x due to the exposure to the auto
industry sector and the company's position as the sole distributor
of the Hyundai brands in Peru and Chile. The recovery performed
under this scenario resulted in a recovery rating of 'RR5' for the
secured notes due in 2025.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  -- Growth in vehicle sales and operational margins, leading to
improved EBITDA through 2021

  -- Improved liquidity profile;

  -- Interest coverage ratio trending to levels around 1x.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  -- Execution of a distressed debt exchange;

  -- Further deterioration of AG's liquidity position;

  -- Failure to renew Hyundai contract.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

AG has an ESG Relevance Score of '5' for Management Strategy due to
its track record of recurring operational and debt restructuring
processes during the past years, due to challenges the company has
faced in implementing its strategy and maintaining competitive
positions within its key markets. AG's below-average execution of
its strategy has contributed to a materially weaker operational
performance and unsustainable capital structure.

AG also has an ESG Relevance Score of '5' for Group Structure due
to the strong influence on AG's owners on its management, which has
resulted in decisions related to the company's operational and
financial strategies that have been made to the detriment of its
creditors. Both the ESG Relevance Score of '5' for Management
Strategy and Governance Structure have resulted in the company
entering into a debt restructuring process for a second time during
the last five years.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.



===================================
D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Gov't. to Implement Eco Policies
----------------------------------------------------
Dominican Today reports that during the first 100 days of the
administration, the Government has announced that it intends to
implement eco-policies, composed of the principal axes of
sustainability: economic, social, and environmental.

One of the most significant milestones in the history of the
National Council for Climate Change, after more than twelve years
of its creation, took place on October 28 when the climate team and
the Council's member entities met for the first time, led by its
president, Luis Abinader, who expressed his interest in leading the
national delegation to international and regional climate events,
such as COP 26 to be held in Glasgow, United Kingdom and the Latin
America and Caribbean Climate Week where the Dominican Republic
will serve as the host country, according to Dominican Today.

During this first meeting with the President, Max Puig, Executive
Vice President of the Council, reiterated that the role of this
entity, "today more than ever is crucial and that it has the
mandate to define public policies on climate change that, from the
Presidency of the Republic, must be ensured its transversality and
inter-institutional coordination, the report notes.

Among the facts to be highlighted is also the issuance of Decree
541-20 on the System of Measurement, Reporting and Verification of
Greenhouse Gases (GHG), in compliance with the provisions of
Article 13 of the Paris Agreement, about the creation of a
structure that is transparent and records all work at the national
level that is executed in this aspect, the report relays.

Part of the Dominican Republic's continuing work to comply with the
Paris Agreement also involves reviewing and updating the Nationally
Determined Contribution (NDC), which is being coordinated from the
operational offices of the presidential climate institution. Based
on this process, the Ministries of Economy, Planning, and
Development; Finance; Environment and Natural Resources and the
Council for Climate Change conducted nine workshops with key actors
from all sectors so that the final NDC document can be worked on as
a team and be consistent with the national reality, the report
says.

In terms of greenhouse gas emissions mitigation, it was assumed
that we would achieve a 25% reduction in the intensity of these
emissions by 2030, taking the 2010 national greenhouse gas
inventory as a baseline, the report relays.  This, among other
commitments within the NDC update, shows a greater ambition to
ensure low-carbon development and increased climate resilience,
both of which can be measured with greater certainty, the report
discloses.

The Government has also already expressed that it will work towards
making the Dominican Republic climate neutral by 2050, the report
adds.


                    About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.  Luis
Rodolfo Abinader Corona is the current president of the nation.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).



===========
M E X I C O
===========

DER NEUE: Fitch Affirms B International IFS Rating, Outlook Stable
------------------------------------------------------------------
Fitch Ratings affirmed Der Neue Horizont Re, S.A.'s (Der Neue)
Insurer Financial Strength (IFS) international and national scale
ratings at 'B' and 'BB(mex)', respectively. The Rating Outlook is
Stable.

KEY RATING DRIVERS

Der Neue's ratings consider the strength of the leverage, capital
and liquidity ratios as well as entity's conservative investment
strategy. Assessment is capped by sovereign investment risks and
business profile inherent to the agricultural insurance sector. The
sector faces a federal budget contraction for agricultural
insurance subsidy, premium seasonality, exposure to weather events,
dependence on retrocession, limited operating scale and the
entity's operation as monoline insurer that pressures Der Neue's
financial performance.

Der Neue's retained premium fell 25.3% in 2019 as a result of the
switch from quota share to stop loss reinsurance coverage requested
by the entity's relevant beneficiaries, the agricultural and rural
insurance funds (FAA). However, the operating scale remains
classified as "the least favorable" due to volume of MXN27 million
(USD1.2 million) retained premium and capital of MXN191 million
(USD8.6 million) as of 3Q20. Based on different stress scenarios
developed by Fitch, the agency does not expect the business profile
category to change but could see a contraction in premiums.

Der Neue maintains a 92% written premium concentration in three
states (2019: 81%) and is considered a monoline insurer. Fitch
notes the company's efforts to diversify its portfolio through
underwriting other property and casualty line of business, such as
the maritime and transport lines, fire, catastrophic and various
risks, though such lines represent less than 1% of the premium
underwritten.

As of 3Q20, Der Neue's capital contracted 6% from retained losses,
which was mitigated by set up of catastrophic reserves. Solid
capital and the low leverage ratios allow Der Neue to grow in the
volume of premiums without pressuring entity's financial profile.

Der Neue maintains a conservative investment policy. At the end of
3Q20, 72.3% of investments were concentrated in government
instruments, followed by 22.3% in repos, also backed by government
instruments, and 5.4% in real estate. Despite low risky assets
ratio and high liquidity ratio (32.8% and 133.2%, respectively),
assessment of investment and liquidity risk factor is limited
entity's concentration of sovereign investments (65.7% of capital
at 3Q20).

Der Neue has retrocession treaties with a broad portfolio of good
quality retrocessionaires. The entity operates quota share treaties
as well as a stop loss focused on mitigating deviations in claims.
Gross maximum probable loss (PML) for a return period of one in
1,500 years represented 246% of the capital as of 3Q20 (4Q19: 93%),
above its peers. The maximum retention limit represented 2.3% of
the capital.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to a
positive rating action/upgrade:

  -- A positive rating action is prefaced by Fitch's ability to
reliably forecast the impact of the coronavirus pandemic on the
financial profile of the Mexican agro-insurance and global
reinsurance sectors and Der Neue;

  -- Positive return on average equity along with net leverage
below 2.4x.

Factors that could, individually or collectively, lead to a
negative rating action/downgrade:

  -- A material adverse change in Fitch's ratings assumptions with
respect to the coronavirus impact;

  -- combined ratio above entity's three-year average;

  -- Negative return on average equity and lower than entity's
three-year average.

Factors that could, individually or collectively, Lead to National
Rating Action:

  -- A change in the national scale rating would be driven by
adjustment in Fitch's perception of the relativity of the entity's
financial profile relative to the local universe, as well as from
movements in the international scale rating.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.



=================
N I C A R A G U A
=================

NICARAGUA: 2 Hurricanes Bring Material Losses, Low Morale
---------------------------------------------------------
EFE News reports that the sun is shining in the wake of Hurricane
Iota, but residents on the stretch of Nicaragua's Caribbean coast
that felt the full force of the Category 4 storm are palpably more
discouraged than they were two weeks ago after surviving Hurricane
Eta.

"Morale is through the floor," 20-year-old Randy Casanova told EFE
from the Bilwi area of Puerto Cabezas, the principal town in the
North Caribbean Autonomous Region, according to EFE News.

Pending an official appraisal of the damage, the level of
devastation is clear: trees and power poles toppled, streets strewn
with rubble and debris, the municipal stadium in ruins and the
docks, totally destroyed, the report notes.

"There is a lot of destruction, a lot of damage in the matter of
housing, the water-supply system, social infrastructure, health
centers, schools, churches," according to Cairo Jarquin, head of
emergency management for Catholic Relief Services in Nicaragua, the
report discloses.

Eta, which made landfall Nov. 3, caused $178 million in material
losses, equivalent to 1.5 percent of Nicaragua's gross domestic
product, Finance Minister Ivan Acosta said, the report relays.

Nearly 10 percent of that total corresponds to 1,890 leveled homes
in Puerto Cabezas, where another 8,700 residences suffered varying
degrees of damage, the report notes.

Iota struck Nicaragua with maximum sustained winds of 250km/h (155
mph), battering the same areas that were slammed two weeks ago by
Eta, also a Category 4 hurricane, the report discloses.

Some 38,000 people are staying in 250 shelters in Bilwi.

The report discloses that the Covid-19 Independent Observatory, a
group comprising doctors and volunteers, said that authorities have
not done enough to guard against the spread of the virus in the
shelters, which are overcrowded and lack masks, disinfectant and a
secure supply of clean water.



=====================
P U E R T O   R I C O
=====================

J.J.W. METAL: Case Summary & 8 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: J.J.W. Metal Corp.
        Urb. Los Arboles
        502 Street T-12
        Palmer, PR 00721

Chapter 11 Petition Date: November 23, 2020

Court: United States Bankruptcy Court
       District of Puerto Rico

Case No.: 20-04536

Debtor's Counsel: Charles A. Cuprill, Esq.
                  CHARLES A. CUPRILL, PSC LAW OFFICES
                  356 Fortaleza Street (2nd Floor)
                  San Juan, PR 00901
                  Tel: 787-977-0515
                  Fax: 787-977-0518
                  Email: ccuprill@cuprill.com

Debtor's
Financial
Consultant:              LUIS R. CARRASQUILLO & CO., P.S.C.

Total Assets: $1,649,341

Total Liabilities: $1,750,865

The petition was signed by Jorge Rodriguez Quinones, president.

A copy of the petition containing, among other items, a list of
the
Debtor's eight unsecured creditors is available for free at
PacerMonitor.com at:

https://www.pacermonitor.com/view/OVCSO3Q/JJW_METAL_CORP__prbke-20-04536__0001.0.pdf?mcid=tGE4TAMA



=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

TRINIDAD & TOBAGO: New Pricing on Imported Items on Hold
--------------------------------------------------------
Andrea Perez-Sobers at Trinidad Express reports that supermarket
operators are getting anxious about when they will receive the
official list from the Government on which imported food items will
now attract value added tax (VAT) from January.

The Supermarket Association said no word has come from the Finance
Ministry with regard to the list of food items on which 12.5 per
VAT will be implemented from January 1, according to Trinidad
Express.

On October 5, Finance Minister Colm Imbert, during his fiscal
2020/2021 budget presentation in Parliament, announced that VAT
will be placed on selected imported items like lobster and
strawberries, and a list will be published for suppliers to follow,
the report notes.

During the sitting of Parliament last month, Imbert implored the
population to curb their taste for imported luxury foods, which he
said amounted to "hundreds of millions of dollars" being exhausted
in foreign exchange, the report relays.

"When you look at the food import bill, we are importing billions
and billions of dollars in food every year," Imbert said then, the
report discloses.

                    No 'Huge' Price Increase

Supermarket Association president Rajiv Diptee told the Express he
has not received the official list and hopes to get it in a timely
manner, as supermarkets and suppliers will have to put things in
place to introduce new pricing on imported items.

"We are in November and no one has reached out from the Ministry of
Finance, and January 1, 2021, is quickly approaching," the report
says.

Diptee questioned why apples and grapes fell into this category, as
there were many other imported items that could have fallen in the
VAT bracket, the report relays.

"However, I want to make it clear to customers that when the taxes
are added to the items such as lobster, escargot and strawberries,
there would not be a huge -- increase on these purchases," he
added.

Finance Minister Colm Imbert did not immediately respond to
messages left on WhatsApp for comment.

An official from the Finance Ministry said the list was still being
compiled, and should be published by the end of the month, the
report adds.



=================
V E N E Z U E L A
=================

PETROLEOS DE VENEZUELA: Arrests Oil Workers to Cover Up Bad Press
-----------------------------------------------------------------
Tsvetana Paraskova at Oilprice.com, citing Argus, reports that
Venezuela's regime has recently arrested oil workers or retired oil
workers who have dared to expose the corruption and mismanagement
at its state oil firm Petroleos de Venezuela, S.A. and its dire
financial, operational, and working conditions.  Venezuela's
military intelligence and its national intelligence service Sebin
have arrested in recent weeks two people, one of whom a retired
PDVSA worker, who had openly criticized the dangerous working
conditions and the corruption at the state oil firm, oil industry
sources told Argus, according to Oilprice.com.

The retired PDVSA worker Guillermo Zarraga, who is also a union
official, was arrested by intelligence service Sebin and accused of
terrorism over the explosion of a crude distillation unit at one
Venezuelan refinery in late October, the report discloses.  The
unit at the Amuay refinery in northern Venezuela suffered a blast
at the end of last month, and Nicolas Maduro -- still clinging to
power -- has stated it was a terrorist attack with a "large and
powerful weapon," the report relays.

PDVSA has been trying to boost processing rates at the Amuay
refinery, as well as at the 305,000-bpd Cardon refinery, also in
the area, to increase gasoline production amid a grave shortage,
the report notes.

This push to increase processing rates, according to one source who
spoke to Argus at the time, may have been what led to the
explosion, the report discloses.  According to the source, the
company was neglecting safety concerns as it raced to bring more
processing capacity online, the report says.

Leaks about the state of neglect and dangerous conditions at PDVSA
often end up in media outlets, which cite internal PDVSA sources,
and now Maduro's regime seems to be moving to silence the
dissidents, the report notes.

In one of the latest such reports, PDVSA sources told Reuters this
that PDVSA employees are ready to accept bribes not to report
thefts of crude oil from idled oilfields as their meager salaries
quickly evaporate with the hyperinflation, the report notes.
Venezuelans are stealing crude oil to process it at home to make
gasoline amid severe fuel shortages in the country holding the
world's biggest oil reserves, the report adds.

                          About PDVSA

Founded in 1976, Petroleos de Venezuela, S.A. (PDVSA) is the
Venezuelan state-owned oil and natural gas company, which engages
in exploration, production, refining and exporting oil as well as
exploration and production of natural gas.  It employs around
70,000 people and reported $48 billion in revenues in 2016.

In May 2019, Moody's Investors Service withdrew all the ratings of
Petroleos de Venezuela, S.A. including the senior unsecured and
senior secured ratings due to insufficient information. At the
time
of withdrawal, the ratings were C and the outlook was stable.

Citgo Petroleum Corporation (CITGO) is Venezuela's main foreign
asset.  CITGO is majority-owned by PDVSA.  CITGO is a United
States-based refiner, transporter and marketer of transportation
fuels, lubricants, petrochemicals and other industrial products.

However, CITGO formally cut ties with PDVSA at about February 2019
after U.S. sanctions were imposed on PDVSA.  The sanctions are
designed to curb oil revenues to the administration of President
Nicolas Maduro and support for the Juan Guaido-headed party.


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2020.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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